Dr. Özatay is a professor at TOBB University of Economics and Technology
Unless the Minister of Treasury and Finance or the Governor of the Central Bank is suddenly dismissed, as it happened before, and the current ‘lacking’ economic program continues to be implemented, inflation in Türkiye could reach 40 percent by the end of 2024 and around 30 percent by mid-2025. Even if this happens, Türkiye will
The Central Bank of the Republic of Türkiye’s Monetary Policy Committee (MPC) will convene on Thursday, March 21, and announce whether it will maintain the policy interest rate at its current level. At the January 25th meeting, the policy rate had been raised to 45 percent; however, at the February 22nd meeting, the policy rate
This article is one of the most challenging ones that I have written for a newspaper or any other media outlet. I will explain the reason at the end, but first, let me begin with the Central Bank of the Republic of Türkiye (CBRT) Monetary Policy Committee’s (MPC) latest decision. The MPC, raised the one-week
The chaos in the Middle East prevails as the İsrael-Palestinian conflict has merged into a war once again after Hamas attacked Israel on October 7. Unfortunately, the bombardments and clashes last in its second week with a rising humanitarian cost. This environment, if prolonged, will have negative effects on Türkiye, which had been on the
The Monetary Policy Committee of the Central Bank of Turkey (CBRT) raised the policy rate from 17.5 percent to 25 percent on August 24. “The Committee decided to continue the monetary tightening process to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior,” the
On August 3, Turkish Statistical Institute (TurkStat) announced a consumer price index increase of 9.5 percent for July, which is a one-month increase. Unfortunately, the annual consumer inflation is 47.8 percent. Moreover, regarding what has been happening in Türkiye since 2021, there is nothing strange about the 9.5 percent monthly uprise in the consumer price
After 27 months of stagnant rates, the Monetary Policy Committee of the Turkish Central Bank (CBRT) finally announced on June 22 that the policy rate would be increased to 15 percent, answering the rising expectations and anxious waiting. Is the “Nass” era over, one asks as the word was used by Turkish President Recep Tayyip
With the noticeable move to loosen government controls on foreign currency, combined with some uncertainty, the Turkish lira tumbled to record lows against the dollar, and one dollar skyrocketed to 23.22 on the evening of June 7. However, the rate had been just under 20 liras on the last working day before the election, while
The earthquake caused great suffering. Massive loss of life, numerous injuries, destroyed homes, broken families… It is hard to comprehend that pain unless you have experienced. There was also significant economic destruction due to the earthquake. Many homes and businesses collapsed, and many more became unusable. Schools, hospitals, and other public buildings should be
Türkiye’s opposition alliance that is called Nation Alliance (The Table of Six) announced the Common Policies’ Consensus Text on Monday, January 30, 2023. The 244-page text composed on 9 different sections detailing the opposition alliance’s future program if they would win the upcoming election. This article will focus on the Economy, Finance, and Employment section.